Vodafone Idea (Vi) has announced its Q4 FY24 results. The telco has posted a net loss of Rs 7675 crore, with revenues at Rs 10,606 crore. The loss has widened compared to Rs 6,413 crore during Q4 FY23, but the revenues have gone up marginally from Rs 10,531 crore. The good thing for the telco during the quarter was that its churn rate reduced from 4.3% in the preceding quarter to 3.9%. During the quarter, Vi added 917 4G sites, and its total broadband site count stood at 430,700.
The telco said that it has completely shut down 3G in 6 circles, with Kerala getting added to the list of 5 other circles; namely Maharashtra, Gujarat, Andhra Pradesh, Mumbai and Kolkata where the 3G spectrum is completely refarmed to 4G.
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Vodafone Idea's 4G subscribers reached 126.3 million, out of its total wireless subscriber base of 213 million. The active subscriber count fell further to 193.3 million, and the average revenue per user (ARPU) jumped to Rs 146 (just a Rs 1 gain over the previous quarter).
Vi said that its capex spend for the quarter was at Rs 5.5 billion, and capex for the year was at Rs 18.5 billion. The total debt from banks and financial institutions went down by Rs 7,090 crore during the last year. Vi is paying off bank dues fast, with hopes to refinance the current debt and raise more money through debt.
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During the quarter, Vi also raised Rs 18,000 crore through India's largest FPO (follow-on public offer).
Akshaya Moondra, CEO, Vodafone Idea, said, "We are pleased to report annual revenue and EBITDA (preIndAS) growth for the second consecutive year on the back of consistently improving performance for last several quarters despite significantly lower investments; a clear reflection of our execution capabilities. We registered growth in ARPU and 4G subscribers for 11 successive quarters. Our equity fund raise of ~Rs. 215 billion will enable us to kickstart the investment cycle to expand our 4G coverage as well as launch of 5G services to effectively participate in the industry growth opportunities. We are engaged with our lenders for tying up debt funding towards the execution of our overall network expansion plan."
